The government is pushing for interoperability among digital financial service providers to encourage the adoption of cashless transactions.
This is according to the latest Central Bank of Kenya (CBK) policy document detailing new proposals that could significantly affect banks, mobile telecommunication firms and financial technology firms (fintechs) operating in the country.
“Though the industry moved to enable interoperability of mobile wallets in 2018, this is limited to only person to person (P2P) payments, and is yet to be expanded to both merchant and agent interoperability and even to work seamlessly at P2P,” explains the CBK in the draft report dubbed Kenya National Payments System 2021-2025.
“If effected, this will enable mobile money users of any network to cash in or cash out from any mobile money agent irrespective of the network they represent and to make merchant payments at any merchant no matter the network with which the merchant has a mobile money account or payment instrument,” states the policy.
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